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Meta plans to lay off thousands of employees after stocks drop

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  • Staff Report 

This week Meta plans to lay off thousands in an attempt to downsize as its stock price drops.

These would be some of the largest layoffs Facebook’s parent company Meta has ever seen, according to Rochester First. While the layoffs would be large, in comparison to Twitter it would be smaller due to their staff being made up of 87,000 people.

Layoffs and hiring freezes are also happening at places like Amazon, Netflix, and Google.

These companies were doing great early on in the pandemic, but with the economic environment today, they’re starting to suffer as people spend less.

“In 2023, we’re going to focus our investments on a small number of high priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year,” Meta CEO Mark Zuckerberg said.

The comment was made on the company’s last earnings call.

“In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today,” he said.

Lyft recently slashed 13% of its workforce and Stripe cut 14% of theirs.

Former staff for Twitter are suing following new owner Elon Musk’s massive layoffs.

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